Aztec Minerals Announces Closing of Upsized C$10 Million Bought Deal Private Placement Including Concurrent Exercise of Over-Allotment Option

(TheNewswire)

Vancouver, Canada – October 16,2025 – TheNewswire – Aztec Minerals Corp. (AZT:TSX-V, OTCQB: AZZTF) (“ Aztec ” or the“ Company ”) is pleased to announce the closingof its previously announced “bought deal” private placementoffering (the “ Offering ”), including the full exercise ofthe over-allotment option (the “ Over-Allotment Option ” ) for aggregate gross proceeds ofC$10,004,655. Pursuant to the Offering, the Company sold 42,573,000common shares of the Company (the “ Offered Shares ”) ata price of C$0.235 per Offered Share (the “ Issue Price ”).Stifel Canada acted as the sole underwriter and bookrunner (the“ Underwriter ”) in connection with the Offering. The Underwriter fullyexercised the Over-Allotment Option to purchase an additional5,553,000 Offered Shares at the Issue Price.

Simon Dyakowski, Aztec’s President and CEO stated,“The closing of this upsized and over allotted $10 million boughtdeal financing represents a significant milestone for Aztec Minerals. The Company is now well funded to advance our respective preciousmetals focused projects through accelerated exploration.  Thefinancing was subscribed to by institutional investors and providesfor the necessary capital to further de-risk our projects”.

In connection with the Offering, the Company paid theUnderwriter a cash commission of C$700,326, equal to 7% of the grossproceeds of the Offering, and issued to the Underwriter 2,980,110non-transferable common share purchase warrants of the Company (the“ Broker Warrants ”), equal to 7% of the number ofOffered Shares sold under the Offering. Each Broker Warrant entitlesthe holder to acquire one common share in the capital of the Company(a “ Broker WarrantShare ”) at an exercise price equal to theIssue Price per Broker Warrant Share at any time on or before October16, 2028.

The Company intends to use the net proceeds to conductexploration work on its Tombstone gold-silver & CRDsilver-lead-zinc-copper-gold project in Arizona, USA, and itsCervantes gold-copper project in Sonora, Mexico, as well as forgeneral working capital purposes.

The Offered Shares, Broker Warrants and Broker WarrantShares are subject to a hold period of four months and one day fromthe closing date of the Offering in accordance with applicableCanadian securities laws .

No U.S. Offering or Registration

This news release does not constitute an offer to sellor a solicitation of an offer to buy nor shall there be any sale ofany of the securities in any jurisdiction in which such offer,solicitation or sale would be unlawful, including any of thesecurities in the United States. The securities described herein havenot been, and will not be, registered under the United StatesSecurities Act of 1933, as amended (the “ 1933 Act ”) or anystate securities laws and may not be offered or sold within the UnitedStates or to, or for account or benefit of, U.S. Persons (as definedin Regulation S under the 1933 Act) unless registered under the 1933Act and applicable state securities laws, or an exemption from suchregistration requirements is available.

On behalf of the Board,

“Simon Dyakowski”

Simon Dyakowski , ChiefExecutive Officer

Aztec Minerals Corp.

About Aztec Minerals – Aztec is a mineral exploration company focused on twoemerging discoveries in North America. The Cervantes project is anemerging porphyry gold-copper discovery in Sonora, Mexico. TheTombstone project is an emerging gold-silver discovery with high gradeCRD silver-lead-zinc potential in southernArizona. Aztec’s shares trade on the TSX-V stock exchange (symbolAZT) and on the OTCQB (symbol AZZTF).

Contact Information - For more information, pleasecontact:

Simon Dyakowski, President & CEO, Director

Tel: (604) 685-9770
Fax: (604) 685-9744
Email: info@aztecminerals.com

Website: www.aztecminerals.com

Neither the TSXV nor its Regulation Services Provider(as that term is defined in the policies of the TSXV) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein .

Forward-Looking Information:

This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, the intendeduse of proceeds of the Offering, the technical, financial and businessprospects of the Company, its projects and other matters. Allstatements in this news release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Although the Company believesthe expectations expressed in such forward-looking statements arebased on reasonable assumptions, such statements are not guarantees offuture performance and actual results may differ materially from thosein the forward-looking statements. Such statements and information arebased on numerous assumptions regarding present and future businessstrategies and the environment in which the Company will operate inthe future, including the price of metals, the ability to achieve itsgoals, that general business and economic conditions will not changein a material adverse manner, that financing will be available if andwhen needed and on reasonable terms. Such forward-looking informationreflects the Company’s views with respect to future events and issubject to risks, uncertainties and assumptions, including the risksand uncertainties relating to the interpretation of explorationresults, risks related to the inherent uncertainty of exploration andcost estimates and the potential for unexpected costs and expenses,and those filed under the Company’s profile on SEDAR+ atwww.sedarplus.ca. Factors that could cause actual results to differmaterially from those in forward looking statements include, but arenot limited to, continued availability of capital and financing andgeneral economic, market or business conditions, adverse weather orclimate conditions, failure to maintain or obtain all necessarygovernment permits, approvals and authorizations, failure to obtain ormaintain community acceptance (including First Nations), decrease inthe price of gold, silver and other metals, increase in costs,litigation, and failure of counterparties to perform their contractualobligations. The Company does not undertake to updateforward?looking statements or forward?looking information, exceptas required by law .

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION INCANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRESERVICES OR DISSEMINATION IN THE UNITED STATES

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